Cost of Output -76

pls see attachment

Output cost

Given the curves shown below, the average variable cost of 3 units of output is: A) $3.00. B) $8.00. C) $16.33. D) $25.00. E) none of the above. (see diagram in attached file)

Production Costs

If the total cost of producing 10 units is $100 and the marginal cost of the eleventh unit is $21, then which of the following is NECESSARILY true? A) Total variable costs of 11 units are $121. B) Total fixed costs are $79. C) The marginal cost of the tenth unit is more than $21. D) The average total cost of 11 units ...continues

Marginal Costs

A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is: A) -$2.00. B) $0.00. C) $1.00. D) $2.00. E) none of the above.

Elasticity/Demand Curves

In 1979, in a isolated small town, 100,000 bricks were sold at $1.20 per brick. In 1980, 120,000 bricks were sold at $1.50 each in the same town. This data could provide evidence of: A) a totally elastic demand curve for bricks. B) an unitary elasticity of demand for bricks. C) a contraction in the supply of bricks ov ...continues

Demand Curve

47. The following is a complete and correct definition of the demand curve for commodity X. The demand curve shows, for a given market: A) how much of X would be bought at the equilibrium price. B) how, as people's incomes rise and they have more money to spend, their purchases of X would increase. C) how the amount of ...continues

Demand/Elasticity

If demand is relatively price inelastic: A) a 1 percent increase in price evokes a less than 1 percent decrease in quantity demanded. B) a 1 percent increase in price evokes a larger than 1 percent decrease in quantity demanded. C) a 1 percent decrease in price evokes a larger than 1 percent increase in quantity demande ...continues

A consumer spends all of her income on two goods, coffee and doughnuts. She purchases coffee at 25 cents a unit with a total utility of 800 and a marginal utility of 12. Doughnuts are purchase at 75 cents a unit with a total utility of 200 and a marginal utility of 24. In order to reach consumer equilibrium, she should consume:

53. A consumer spends all of her income on two goods, coffee and doughnuts. She purchases coffee at 25 cents a unit with a total utility of 800 and a marginal utility of 12. Doughnuts are purchase at 75 cents a unit with a total utility of 200 and a marginal utility of 24. In order to reach consumer equilibrium, she should co ...continues

Product Curve

Suppose that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor. A new total product curve would have to be drawn: A) above the old with a steeper slope for any level of employment greater than zero. B) above the old wit ...continues

Cost & Efficiency

88. If it is true that handling the mail does not get cheaper as the volume of mail increases, which of the following best explains this fact? A) The Post Office is run by the government and therefore is inefficient. B) The rule "the bigger the volume, the lower the cost" is true only if other things remain the same; since ...continues